Accent sells S:t Eriks to trade

Volati will wholly acquire the company from the Accent Equity 2012 vehicle, which owns around 90% of the shares, and management and the board, which together own a stake of around 10%. The acquisition will be conducted on an estimated EV of around SEK 500m and an EBITDA multiple of 5.5x earnings for the full year 2017.

Following the completion of the deal, S:t Eriks will become a new business unit within the industry business division.

Previous funding
Segulah acquired Nordform – which would later be merged with S:t Eriks – in a 2005 management buyout from the Skanska construction group, through its Segulah III fund.

Accent bought S:t Eriks from Segulah in a secondary buyout in January 2015. The deal saw the SEK 3.8bn Accent Equity 2012 vehicle wholly acquire S:t Eriks from Segulah and industrial co-owner Peab Industri, as well as minority shareholders. The merger with S:t Eriks saw Segulah and the company's industrial owner Peab enter a joint ownership of the new entity, alongside the company's management.

Company
Headquartered in Staffanstorp, S:t Eriks is a manufacturer of prefabricated concrete products for the infrastructure sector, landscape architecture and private consumers. It manufactures concrete and natural stone products for infrastructure, paving, roofing and water and sewage systems.

Originally founded in Uppsala in 1888 as a ceramic tile factory, it changed its focus to concrete manufacturing in the mid-20th century. 

Nordform was also founded in the late 19th century and was merged with S:t Eriks in 2009.

S:t Eriks posted net sales of SEK 1bn last year, with EBITDA of SEK 91m and EBITA of SEK 65m. The company employs a staff of 415.

People
Accent Equity Partners – Niklas Sloutski (CEO, partner).
S:t Eriks Group – Per-Johan Dahlgren (CEO).

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• Topics
• Exits
• Nordics
• Industrials
• Sweden
• Accent Equity Partners
• Segulah
• Trade sale